Re: $10,000+ deposits - Posted by JohnBoy
Posted by JohnBoy on January 16, 2001 at 23:04:03:
It’s not just depositing $10k into bank accounts either. Everytime your account balance reaches $10k increments the bank notify’s the IRS. Everytime you take out $10k or more the IRS is notified. Everytime you spend $10k or more on anything, the IRS is notified. So just depositing smaller checks into the bank will make no difference if the money is going into the same account. Each time the balance hits the $10k mark the IRS is notified. You would have to open separate accounts in different banks. Then make sure you watch the balance if the accounts earn interest. Once the interest you earn reaches a balance in your account of $10k, the IRS is notified!
If you buy a car over $10k and pay that amount or more up front, the IRS is notified. If you walked into the bank or Ford Credit to pay off a car loan that was $10k or more, they notify the IRS.
Since your sale is on record the title company will notify the IRS.
If you take $10k or more out of your account, the IRS is notified!
You can’t hide from the IRS unless you live and do business under a mattress!!! LOL